WASHINGTON: Sun-splashed San Diego likes to call itself "America's Finest City.'' But a huge pension shortfall and the possibility of a bankruptcy filing are making it hard for California's second-largest city to live up to its motto.
Faced with US$1.4 billion (euro1.2 billion) pension shortfall and exploding health-care costs for its retired workers, San Diego may well become the next Orange County, the California's city's neighbor that became the largest municipal bankruptcy case in U.S. history when it filed for bankruptcy under Chapter 9 in 1994.
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